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Gardendale Plaza, in approximately
34,425 sqft shopping center consisting of two outparcels
to a Food World grocery store, was purchased in February
2007 for $1,100,000. The property, located in an outer
ring suburb of the Birmingham AL MSA, was 100% occupied
and was acquired at a 9.5% cap rate. Financing in the
amount of 78% of the purchase price was obtained from
a life company at the rate of 6.25% fixed for seventeen
years, amortized over 17 years. The three tenants consist
of CVS, Freds and a carpet store. |
